- RC drilling at the Paymaster target area produced a number of drill holes (B-1457, B-1460, B-1458) which intersected good grade gold mineralization with high grade intercepts.
- B-1457 intersected 16.7 meters (55 feet) grading 9.94 g/tonne (0.290 opt) Au from 41.2-57.9 meters (135-190 feet).
- B-1460 intersected 7.6 meters (25 feet) grading 9.98 g/tonne (0.291 opt) Au from 53.4-61 meters (175-200 feet).
- B-1458 intersected 13.1 meters (43 feet) grading 5.13 g/tonne (0.15 opt) Au from 42.7-55.8 meters (140-183 feet).
- Additional drill holes hit significant but lower grade intercepts.
- The gold bearing zone at the Paymaster target area is a geologic environment that has thus far been rarely tested.
Bruner project rock sample
RC drilling at the Paymaster target area has intersected good grade gold mineralization in numerous drill holes. Drill hole B-1457 intersected 16.7 meters (55 feet) grading 9.94 g/tonne (0.290 opt) Au from 41.2-57.9 meters (135-190 feet). Drill hole B-1460 intersected 7.6 meters (25 feet) grading 9.98 g/tonne (0.291 opt) Au from 53.4-61 meters (175-200 feet). Drill hole B-1458 intersected 13.1 meters (43 feet) grading 5.13 g/tonne (0.15 opt) Au from 42.7-55.8 meters (140-183 feet). Additional holes hit significant but lower grade intercepts as noted in the table of intercepts.
The gold bearing zone at the Paymaster target appears to be relatively flat-lying at the base of the felsic tuffaceous section, immediately overlying unmineralized andesite. This is a geologic environment that has rarely been tested before on the property because it was too deep in the historic resource area or at the Penelas East new discovery area to be reached by the drilling completed to date. True widths of the reported intercepts appear to be roughly 70% of the reported drill widths.
Table of Intercepts - Paymaster RC Drill Hole Results
The Bruner Project
The Bruner Project is situated in central Nevada, 15 miles north of the Paradise Peak mine, 45 miles northwest of Round Mountain and 25 miles east of the Rawhide mine. Historic production from the Bruner property included about 100,000 ounces at an average grade of 0.56 opt gold.
Patriot Gold's Option To Optionee/Operator
Patriot Gold owns 100% undivided rights, title and interest in the project which is subject to certain royalties and an earn-in option agreement for 70% interest. The earn-in optionee/operator, Canamex Resources Corp. (TSX-V: CSQ) (OTCQX: CNMXF), has the right to earn 70% interest in the Bruner project by spending $6 million over seven years and may earn an additional 5% by completing a bankable feasibility study for a total of 75% interest in the project. Subsequent to the optionee/operator earn-in, financing of the project will be on a proportional basis.
Disclaimer: This announcement may contain forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, limited access to operating capital, factors detailed in the accuracy of geological and geophysical results including drilling and assay reports; the ability to close the acquisition of mineral exploration properties, and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in the company's filings with the Securities and Exchange Commission, and may be accessed through the SEC's web site at http://www.sec.gov.